1. (v. t.) To pay off a debt by turning assets into cash; as to liquidate in bankruptcy\; to determine by agreement or by litigation the precise amount of (indebtedness); or, where there is an indebtedness to more than one person, to determine the precise amount of (each indebtedness); to make the amount of (an indebtedness) clear and certain.
2. (v. t.) In an extended sense: To ascertain the amount, or the several amounts, of , and apply assets toward the discharge of (an indebtedness).
3. (v. t.) To discharge; to pay off, as an indebtedness.